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I am an individual who is a freelancer. I am NOT incorporated

at all. I am...
I am an individual who is a freelancer. I am NOT incorporated at all. I am working for a large company AS A FREELANCER for July, August, Sept and Oct for total gross pay of $60,000. Can you please tell me EXACTLY what forms I need to fill out to pay estimated taxes on the $60,000 only for those four months. I am in Ohio, can you please also tell me EXACTLY what forms I need there as well. I will fill them all out. I just want to know WHAT IRS forms to fill out and WHAT paperwork should I have in front of me when I start.

Thanks.
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Answered in 1 minute by:
9/3/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,593
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified

MyVirtualCPA :

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

MyVirtualCPA :

How are you today?

Customer:

i am good thank you. and you?

MyVirtualCPA :

You will need to file 1040-ES for the IRS

MyVirtualCPA :

You will have two of these. The Jun 1 – Aug 31 estimated payment is due date September 15

MyVirtualCPA :

The October payment would be due on January 15 of the following year -so you will file 2 1040-ES returns

MyVirtualCPA :

You would file the same form - Ohio IT 1040 ES for the state of Ohio

MyVirtualCPA :

Here is the information for estimated payments from the state: http://www.tax.ohio.gov/ohio_individual/individual/estimated_payments.aspx

MyVirtualCPA :

Here is the information on estimated taxes from the IRS: http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Estimated-Taxes

MyVirtualCPA :

The information you should have when you calculate this is your income and your expenses

MyVirtualCPA :

You will only owe estimated tax on the profit

Customer:

i looked at those links already. my question is more detailed: exactly what the number of the forms are. And what documentation I need to file it

MyVirtualCPA :

Yes, the number to the forms is 1040-ES for the IRS

MyVirtualCPA :

and IT 1040-ES for Ohio

Customer:

that's it?

Customer:

and what paperwork do i need? i.e. 2012 tax return?

MyVirtualCPA :

Yes, that's it - it's just an estimated tax. You will file your additional forms when you file at the end of the year

MyVirtualCPA :

No, you don't need your 2012 tax return - you just need the information on your income and expenses for that period

Customer:

ok. when you say 2 1040s for federal is that 2 vouchers or 2 separate forms completely?

MyVirtualCPA :

You will fill out the 1040-ES two separate times, one for each quarter

Customer:

and any income i generated before this freelance job i can wait till the end of the year to file?

MyVirtualCPA :

Were you working as a W-2 employee?

Customer:

Not this year, but I received unemployment

MyVirtualCPA :

You should be fine. Just focus on your freelance income

Customer:

great. thank you. can i print this?

MyVirtualCPA :

Use your browser's print function

Customer:

thanks

MyVirtualCPA :

and when ready, please rate my response as "excellent" so that I may receive credit for assisting you today

MyVirtualCPA :

I appreciate the opportunity to work with you today

MyVirtualCPA :

Rating is the only way I receive credit for assisting

Customer:

of course but i can't print the transcript. can it be emailed to me?

MyVirtualCPA :

Yes, the site will send you an email copy. You can also copy and paste it into Word and print it that way

Customer:

great thank you

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,593
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,593
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Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

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